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Catnap
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Joined: 13 Mar 2006
Posts: 7
Cash Points ££ 391.88
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 Posted: Sun Jun 25, 2006 11:48 pm Post subject: United States public debt |
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The United States public debt, commonly called the national debt, gross federal debt or U.S. government debt, is the amount of money owed by the United States federal government to creditors who hold US Debt Instruments. This does not include the money owed by states, corporations, or individuals. As of April 18th, 2006, the total U.S. government debt was $8.395724 trillion. Most importantly, this does not include the money owed to Social Security beneficiaries in their future lifetimes--an amount much larger than the official debt.
The CIA's World Factbook estimated the U.S's 2005 GDP at $12.49 trillion, ranking it at the time as the 35th most indebted country in the world by percentage of GDP at 64.7% of GDP. By comparison, the Factbook's 2005 estimate of China's external debt was $242 billion with an estimated 2005 GDP of $2.225 trillion. Of the 206 listed countries in the Factbook the combined debt was $38.54 trillion. Of that world wide debt, the US owes approximately 22%.
The Bureau of the Public Debt, a division of the United States Treasury Department, calculates the amount of money owed by the national government on a daily basis.
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sun Aug 06, 2006 2:09 pm Post subject: |
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The federal government keeps two sets of books. The set the government promotes to the public has a healthier bottom line: a $318 billion deficit in 2005.
The set the government doesn't talk about is the audited financial statement produced by the government's accountants following standard accounting rules. It reports a more ominous financial picture: a $760 billion deficit for 2005. If Social Security and Medicare were included — as the board that sets accounting rules is considering — the federal deficit would have been $3.5 trillion.
I think I saw America’s unfunded liabilities amount to 42 Trillion long-term. |
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